May 5, 2023
1. The term \"market participant\" should be defined in the rules. Persons should be able to read and apply the rules without having to ferret out definitions in proposing or adopting releases. The term \"trader\" should be defined if it is used in the definition of \"market participant\".
2. The proposed rules use the term \"shall\" inconsistently. For example, proposed Rule 13d-1(b)(2) states \"The Schedule 13G filed pursuant to paragraph (b)(1) of this section shall be filed . . . provided, that it shall not be necessary to file . . .\". The meaning of \"shall\" in the first instance appears to be \"must\" while the meaning of \"shall\" in the second instance appears to be \"will\". The inconsistent use of the term \"shall\" makes the rule vague and ambiguous.